Acenden SPML unlawful charges?

[CosmosBipinnatus]

Hi. I amnot sure exactly what you mean by this. do you mean the legal cost interest ? or the actual charges against the arrears?

 

They have to keep charges - as distinct from interest on the loan - separate and not charge interest on those.

[CosmosBipinnatus]

they have pushed me into paying £250 per month more than was originally ordered by the court, this is obviously putting a big strain on my finances as I reached retirement age in January 2015.

 

There seems to be no end to Acenden's sense of entitlement. You don't have to pay a cent more per month than ordered by the court. How did they push you into paying £250/month more?

[CosmosBipinnatus]

the name on the Claimant is Southern Pacific Mortgages Limited.

 

I believe that SPML does not have the legal standing to take anyone to court in its own name alone because

 

(a) SPML ceased trading as a mortgage lender on 2 April 2008;

(b) SPML mortgages were sold to SPVs ("special purpose vehicles"), different and separate limited companies created by Lehman Brothers;

© the Eurosail SPVs are the beneficiaries of the legal charge (the mortgage);

(d) SPML retains only the title;

(e) the transfer to Eurosail has, deliberately, not been "perfected" (Land Registry records);

© in the Lehman Brothers prospectus of 15 August 2007, there is some stuff about the implications of not perfecting the transfer of the title, too, to Eurosail; and how SPML might have to lend its name to a court action.

 

http://www.ise.ie/debt_documents/Eurosail-UK 2007-4BL PLC_15.08.07_9352.pdf

 

due to SPML/Acenden making me pay more than my actual real pension, this has left me having to continue to work as well as my wife having to work too just to make ends meet.

 

I assume that the broker did not have a discussion with you about how you'd meet the repayments after you reached retirement age. (Mine didn't.) That might be an argument to use, at some point.

 

there seems to be a lot of weird things going on as in 2012 my interest rate was 4.05% and the amount I was to pay was £706.62 the rare is now 3.56% and the payment is £720.53 any idea why this could be???

 

That definitely needs investigating. Does Acenden send you a quarterly print-out from your mortgage loan account?

 

Is the payee name on your bank statements some version of Eurosail?

[fkofilee]

Interest on Penalty Charges is a BIG NO NO with the FCA.

If they are doing this, then you need to report them.

[CosmosBipinnatus]

They also state that they are only allowed to go back 6 years, (my mortgage was taken out in 2007), can anyone say if this is right as I do know that in most cases this is correct but think I read on CAG somewhere that this is not true for mortgages.

 

Twelve years

 

http://http://www.legislation.gov.uk/ukpga/1980/58

 

See section 20.

[Lea_HTH]

The trouble with all this 'belief' is that the vast majority of it is wrong.

 

A court does not have jurisdiction to change a payment date - only the parties to the contract can agree to that, and if one refuses, the court won't interfere (unless it is a loan which falls subject to a time order). All mortgagees will charge legal fees to the account or add it to the security, and again, the court has no jurisdiction over this. The only claim that can be made is if the legal fees have been assessed as unnecessarily high - but that is by having the fees assessed, not by going to court.

 

The mortgagee will become entitled to possession of the property (and they already have an SPO so that'll be easy) when the term of the mortgage ends. They have discretion to extend the end of the mortgage, but the court, once again, has NO jurisdiction to change that end date.

[CosmosBipinnatus]

(The mortgage finishes in May 2016). Is ther any rules that say that the mortgage MUST be completed by the due end date?

 

I have a feeling that, if there is anything left outstanding to repay at the due date, Acenden could repossess you.

 

In your place, I would try to get a personal bank or building society loan to pay off what remains off your mortgage. Long before the mortgage ends. Yes, the bank/building society loan interest rates will be higher than those on your SPML-originated mortgage but you would not have the risk of being repossessed; and if the term of the personal bank or building society loan is five or ten years, then maybe the monthly repayments would be less than you are paying now for the mortgage.

[jasperpad]

There seems to be no end to Acenden's sense of entitlement. You don't have to pay a cent more per month than ordered by the court. How did they push you into paying £250/month more?

 

Because the mortgage is due to end next May 2016!

[jasperpad]

Twelve years

 

http://http://www.legislation.gov.uk/ukpga/1980/58

 

See section 20.

 

This so helpful THANK YOU!! I have downloaded it and printed it out and am reading it.

[jasperpad]

They aren't allowed to add penalty charges but it would be unusual if they didn't add interest. I've never heard of any institution not adding interest to charges. They'd be less likely to add interest to court costs and solicitors fees but it's not impossible that they would.

 

the fact is that for me they have added the legal costs to my mortgage and that is how they are adding interest to their legal costs. I am disputing this and still waiting to hear from them. Plus they have written to me saying that they are only allowed to go back 6 years, to which I have pointed out that for mortgages it is 12 years.

 

Watch this space!

[caro]

The clock starts ticking from when you discovered the problem.

[CosmosBipinnatus]

and still waiting to hear from them.

 

You have to give them deadlines by when they have to respond to you, eg 21 days. And then you move onto the next stage of your claim.

 

In my experience, Acenden operates well outside the frame of law. That means false declarations to the court (statements of truth), withholding documentation that you are entitled to see, filing random irrelevant documents as "proof" of whatever it is they are claiming. You will have to take them to court with a water-tight case, ie citing case-law, law, FSA rules on everything you claim. In my experience, too, there is no one they cannot buy off or intimidate into silence.

 

It is like dealing with a lunatic holding a loaded gun.

[CosmosBipinnatus]

Did you see this? https://www.fca.org.uk/your-fca/documents/requirement-notices/southern-pacific-mortgage-limited-vreq

 

and d

 

https://www.fca.org.uk/your-fca/documents/requirement-notices/southern-pacific-mortgage-limited-vreq

[jasperpad]

Did you see this? https://www.fca.org.uk/your-fca/documents/requirement-notices/southern-pacific-mortgage-limited-vreq

 

and d

 

https://www.fca.org.uk/your-fca/documents/requirement-notices/southern-pacific-mortgage-limited-vreq

 

I have it now but can you explain what it might or does mean?

 

I think it may mean that we who have been overcharged with excessive fees may in fact get them back leas a little but what do SPML consider to be a fair charge? ..... Interesting methinks!

[jasperpad]

this is getting better and better!

 

I have just (Monday) posted yet an third letter regarding my claim for unfair charges and to date I have not had ANY reply from Acenden/SPML ... I think they know they are going to have to pay so I am now like a terrier with a rag and won't let go.

 

I have a feeling that this is going to end up in court but then they will add their and MY legal charges to me again but I have thought about this and have decided that even if they withdraw and try and charge me I will make sue that if I do have to take the legal road I will ensure that my claim also states that they will be liable for ALL costs.

 

Regarding a group claim this sounds good but there has been a few times this has been mooted but nothing has come of it ..... I am very interested in being part of a group claim.

[caro]

This is a good reason for individual claims jasper. If you wait for a group claim you could wait forever.

[jasperpad]

Update Update

 

I have literally received a reply today!!

 

SPML/Acenden are going to review my claim within 10 days (yeah right) and let me know there findings which are supposed to be independent lol

 

WATCH THIS SPACE!

[jasperpad]

This is a good reason for individual claims jasper. If you wait for a group claim you could wait forever.

 

I do think that individual claims may work but a group claim of individual claims may even work better but to be honest I really am not sure.